STATISTICS: CYPRUS 3Q: The insurance market has passed the threshold of EUR 650 million at the end of September

The nine months report on insurers' performance published by the Insurance Association of Cyprus (IAC), shows that at the end of September 2018 the local insurance market totaled EUR 651 million in premiums, up by 7.2% y-o-y.

The value of life GWP increased by 10% y-o-y to EUR 288 million, while the non-life insurers generated a volume of EUR 363 million (55.80% of total GWP), up by 5.2% y-o-y.

Including the death claims, maturities, surrenders and other insured events related to the life insurance segment, the total value of incurred life claims was approximately EUR 151 million, 4.6% less y-o-y.

On the non-life segment, most of the incurred claims were related to motor insurance - about EUR 133 million.

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